Pakistan’s digital wallet provider SadaPay has undergone significant layoffs, letting go of approximately 80 employees, or 30% of its workforce, according to media reports. This news comes just over a month after the company was acquired by Turkish fintech firm Papara.
The announcement was made abruptly during a company-wide meeting led by interim CEO Umer Samiullah. Staff were reportedly unaware of the meeting’s purpose beforehand and were informed of their termination during the session. The layoffs impacted various departments, including technology, product development, marketing, design, finance, and compliance.
This news follows the June departure of SadaPay’s CEO, Brandon Timinsky, who resigned shortly after the Papara acquisition. In May, Papara announced its successful acquisition of SadaPay, expressing enthusiasm about leveraging SadaPay’s local presence and strong brand recognition alongside their own expertise and technology. Timinsky, at the time, emphasized the potential to accelerate financial services for Pakistan’s vast population.
Founded in 2019, SadaPay experienced rapid growth, becoming one of the world’s fastest-growing digital wallets and reaching a milestone of 1 million users in record time. The reasons behind the layoffs and their impact on SadaPay’s future operations remain unclear.
